A person carrying on a financial services business in Australia holds an Australian financial services licence covering the services it provides, unless an exemption applies (for example acting as a representative of a licensee) (s 911A; civil penalty under s 911A(5B) and an offence). A person providing financial services on behalf of a principal does so only as an employee or director of a licensee (or related body) or as an authorised representative whose authorisation covers the service (s 911B). From 8 April 2027 digital asset platforms and tokenised custody platforms become financial products and certain foreign provider exemptions are reshaped (Acts No. 38 and 35 of 2026).
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.